<h2>关键点</h2>
<ul>
<li>Upstart 已申请银行特许经营，这将使其模式从平台转变为贷款机构，此外还有更多变化。</li>
<li>转变为这种模式的好处在于降低融资成本和获得存款，成为另一种收入来源。</li>
<li>这对公司来说是一个重大变化，并且进入了一个日益拥挤的市场。</li>
<li>我们更看好的 10 只股票 ›</li>
</ul>
<p><strong>Upstart Holdings</strong>（纳斯达克：UPST）股票在充满挑战的宏观经济背景下经历了多年的平庸表现。尽管在最近几个季度取得了一些进展，但市场并未接受其最新的季度财报。逆风依然存在，回归之路看起来漫长而复杂。</p>
<p>管理层最近宣布已申请银行特许经营。他们将此视为降低融资成本和扩展业务的机会，并设想颠覆银行业，成为 “第一家从零开始建立在人工智能基础上的银行”。这会改变其故事并提升其股票吗？</p>
<p><em><strong>人工智能会创造出世界上第一位万亿富翁吗？</strong> 我们的团队刚刚发布了一份关于一家鲜为人知的公司报告，该公司被称为 “不可或缺的垄断”，提供英伟达和英特尔都需要的关键技术。<strong>继续 »</strong></em></p>
<h2>成为银行的好处</h2>
<p>Upstart 运营一个信用评估平台，利用人工智能（AI）和机器学习比传统信用评分更准确地识别良好借款人。投资者首次发现 Upstart 时，其一个吸引人的特点是它实际上并不持有任何它帮助承保的债务；它将贷款出售给机构投资者。对坏债务的低暴露是一个主要优点。</p>
<p>当公司开始在其资产负债表上持有部分贷款时，市场并未将其视为积极的发展，并且它在贷款被注销之前已经进行了几轮融资。例如，它最近宣布与 Fortress Investment Group 达成协议，在接下来的 15 个月内购买 12.5 亿美元的消费贷款。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9lZGl0b3JpYWwvaW1hZ2VzLzg3MDAzMi9wZW9wbGUtc2hha2luZy1oYW5kcy1pbi1hbi1vZmZpY2UuanBnJnc9NzAw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9lZGl0b3JpYWwvaW1hZ2VzLzg3MDAzMi9wZW9wbGUtc2hha2luZy1oYW5kcy1pbi1hbi1vZmZpY2UuanBnJnc9NzAw"/></p>
<p>图片来源：Getty Images。</p>
<p>目前，Upstart 的角色更像是合作银行和信用合作社之间的中介，这些银行和信用合作社使用其平台来识别良好的信用，而机构投资者则购买这些贷款。成为一家银行将完全改变其模式，从平台转变为贷款机构，但基于人工智能的基础，它将把其机器学习模型融入其业务，创造出它设想的未来银行。</p>
<p>Upstart 通过获得银行特许经营，能够通过存款获得新的和持续的融资来源。作为一家银行，它不需要依赖于向合作资金方批发转售贷款。存款被视为获取资金的更便宜方式，因为银行通常对支票和储蓄账户提供低利率。它还将能够在其账簿上持有贷款更长时间，并累积相关的利息费用。</p>
<h2>这会改变银行业格局吗？</h2>
<p>数字银行正变得越来越拥挤。所有大型银行都有强大的数字存在，而像 <strong>SoFi Technologies</strong> 和 <strong>Chyme</strong> 这样的颠覆者正在获得动力。<strong>Nu Holdings</strong> 最近获得了美国银行特许经营，并且也使用人工智能算法来识别良好的信用。SoFi 与 Upstart 的竞争对手 <strong>Pagaya Technologies</strong> 建立了合作关系，因此 Upstart 的银行看起来不再像一项开创性的举措，而更像是扩展其业务和降低融资成本的一种方式。</p>
<p>这仍然可能是有益的，但将其业务彻底改造为其他东西可能会带来其他复杂性。除了竞争和找出脱颖而出的方法外，它还必须应对严格的政府监管。</p>
<p>Upstart 股票今年下跌了 33%，但现在并不一定是买入的时机。</p>
<h2>你现在应该购买 Upstart 的股票吗？</h2>
<p>在你购买 Upstart 的股票之前，请考虑以下几点：</p>
<p><em>Motley Fool Stock Advisor</em> 分析师团队刚刚确定了他们认为的 <strong>10 只最佳股票</strong>，供投资者现在购买……而 Upstart 并不在其中。入选的 10 只股票在未来几年可能会产生巨大的回报。</p>
<p>考虑一下 <strong>Netflix</strong> 在 2004 年 12 月 17 日进入这个名单时……如果你在我们推荐时投资了 1000 美元，<strong>你将拥有 483,476 美元</strong>！* 或者 <strong>Nvidia</strong> 在 2005 年 4 月 15 日进入这个名单时……如果你在我们推荐时投资了 1000 美元，<strong>你将拥有 1,362,941 美元</strong>！*</p>
<p>现在，值得注意的是 <em>Stock Advisor</em> 的总平均回报率为 998%——与标准普尔 500 的 207% 相比，表现优异。<strong>不要错过最新的前 10 名单，加入由个人投资者为个人投资者建立的投资社区，获取 <em>Stock Advisor</em>。</strong></p>
<p><strong>查看 10 只股票 »</strong></p>
<p><em>*Stock Advisor 回报截至 2026 年 5 月 19 日。</em></p>
<p><em>Jennifer Saibil 持有 Nu Holdings 和 SoFi Technologies 的股份。Motley Fool 持有并推荐 Nu Holdings 和 Upstart。Motley Fool 推荐 Pagaya Technologies。Motley Fool 有披露政策。</em></p>
<p>此处表达的观点和意见是作者的观点和意见，并不一定反映纳斯达克公司的观点。</p>

UPST

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<p>Upstart 已申请国家银行特许经营权，从平台转型为贷款机构，这可能降低融资成本并提供存款渠道。这一转变旨在利用人工智能颠覆银行业。然而，Upstart 在竞争激烈的数字银行市场中面临挑战，今年其股票已下跌 33%。分析师建议在投资前保持谨慎，因为 Upstart 并未被列入顶级股票推荐名单</p>

<h2>Key Points</h2>
<div class="lb-trans"><h2>关键点</h2>
</div><ul>
<li>Upstart has applied for a bank charter, which would change its model from a platform to a lender, plus more.</li>
<li>Changing to this model has advantages in lower funding costs and access to deposits, another revenue stream.</li>
<li>It's a big change for the company and an entry into what's becoming a crowded market.</li>
<li>10 stocks we like better than Upstart ›</li>
</ul>
<div class="lb-trans"><ul>
<li>Upstart 已申请银行特许经营，这将使其模式从平台转变为贷款机构，此外还有更多变化。</li>
<li>转变为这种模式的好处在于降低融资成本和获得存款，成为另一种收入来源。</li>
<li>这对公司来说是一个重大变化，并且进入了一个日益拥挤的市场。</li>
<li>我们更看好的 10 只股票 ›</li>
</ul>
</div><p><strong>Upstart Holdings</strong>(NASDAQ: UPST) stock has been humbled by years of middling performance amid a challenging macroeconomic backdrop. It has made some progress in recent quarters, but the market didn't embrace its latest quarterly earnings report. Headwinds remain, and the road back looks long and complicated.</p>
<div class="lb-trans"><p><strong>Upstart Holdings</strong>（纳斯达克：UPST）股票在充满挑战的宏观经济背景下经历了多年的平庸表现。尽管在最近几个季度取得了一些进展，但市场并未接受其最新的季度财报。逆风依然存在，回归之路看起来漫长而复杂。</p>
</div><p>Management recently announced that it has applied for a bank charter. It sees that as an opportunity to lower funding costs and expand its business, and it envisions disrupting the banking industry as &#34;the first bank built from the ground up on AI.&#34; Could this change its story and boost its stock?</p>
<div class="lb-trans"><p>管理层最近宣布已申请银行特许经营。他们将此视为降低融资成本和扩展业务的机会，并设想颠覆银行业，成为 “第一家从零开始建立在人工智能基础上的银行”。这会改变其故事并提升其股票吗？</p>
</div><p><em><strong>Will AI create the world's first trillionaire?</strong> Our team just released a report on the one little-known company, called an &#34;Indispensable Monopoly&#34; providing the critical technology Nvidia and Intel both need. <strong>Continue »</strong></em></p>
<div class="lb-trans"><p><em><strong>人工智能会创造出世界上第一位万亿富翁吗？</strong> 我们的团队刚刚发布了一份关于一家鲜为人知的公司报告，该公司被称为 “不可或缺的垄断”，提供英伟达和英特尔都需要的关键技术。<strong>继续 »</strong></em></p>
</div><h2>The benefits of being a bank</h2>
<div class="lb-trans"><h2>成为银行的好处</h2>
</div><p>Upstart operates a credit evaluation platform that uses artificial intelligence (AI) and machine learning to more accurately identify good borrowers than the traditional credit score, which it sees as limited. When investors first discovered Upstart, one of the attractive features was that it doesn't actually hold any of the debt that it helps underwrite; it sells the loans back to institutional investors. Low exposure to bad debt was a major plus.</p>
<div class="lb-trans"><p>Upstart 运营一个信用评估平台，利用人工智能（AI）和机器学习比传统信用评分更准确地识别良好借款人。投资者首次发现 Upstart 时，其一个吸引人的特点是它实际上并不持有任何它帮助承保的债务；它将贷款出售给机构投资者。对坏债务的低暴露是一个主要优点。</p>
</div><p>The market didn't see it as a positive development when the company began holding some of the loans on its balance sheet, and it has raised several funding rounds to cover the loans even before they're written off. For example, it recently announced a deal with Fortress Investment Group to buy $1.25 billion of consumer loans over the next 15 months.</p>
<div class="lb-trans"><p>当公司开始在其资产负债表上持有部分贷款时，市场并未将其视为积极的发展，并且它在贷款被注销之前已经进行了几轮融资。例如，它最近宣布与 Fortress Investment Group 达成协议，在接下来的 15 个月内购买 12.5 亿美元的消费贷款。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9lZGl0b3JpYWwvaW1hZ2VzLzg3MDAzMi9wZW9wbGUtc2hha2luZy1oYW5kcy1pbi1hbi1vZmZpY2UuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F870032%2Fpeople-shaking-hands-in-an-office.jpg&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><p>For now, Upstart's role is more of a middleman between the partner banks and credit unions that use its platform to identify good credit and the institutional investors that buy the loans. Becoming a bank would completely change its model from a platform to a lender, but being built on a foundation of AI, it would incorporate its machine learning models into its business to create something it envisions as the future of banking.</p>
<div class="lb-trans"><p>目前，Upstart 的角色更像是合作银行和信用合作社之间的中介，这些银行和信用合作社使用其平台来识别良好的信用，而机构投资者则购买这些贷款。成为一家银行将完全改变其模式，从平台转变为贷款机构，但基于人工智能的基础，它将把其机器学习模型融入其业务，创造出它设想的未来银行。</p>
</div><p>Upstart benefits from the bank charter by gaining access to new and recurring funding sources through deposits. As a bank, it wouldn't need to rely on the wholesale reselling of loans to partnering funders. Deposits are seen as a cheaper way to get funds, since banks typically give a low interest rate on deposit accounts like checking and savings accounts. It would also be able to hold loans on its books for longer and accrue the associated interest charges.</p>
<div class="lb-trans"><p>Upstart 通过获得银行特许经营，能够通过存款获得新的和持续的融资来源。作为一家银行，它不需要依赖于向合作资金方批发转售贷款。存款被视为获取资金的更便宜方式，因为银行通常对支票和储蓄账户提供低利率。它还将能够在其账簿上持有贷款更长时间，并累积相关的利息费用。</p>
</div><h2>Will this change the banking landscape?</h2>
<div class="lb-trans"><h2>这会改变银行业格局吗？</h2>
</div><p>Digital banking is becoming a crowded space. All the large banks have a strong digital presence, and disruptors like <strong>SoFi Technologies</strong> and <strong>Chyme</strong> are gaining momentum. <strong>Nu Holdings</strong> recently received a U.S. bank charter and also uses AI algorithms to identify good credit. SoFi has a partnership with Upstart competitor <strong>Pagaya Technologies</strong>, so Upstart's bank looks less like a groundbreaking initiative and more like a way to expand its business and lower its funding costs.</p>
<div class="lb-trans"><p>数字银行正变得越来越拥挤。所有大型银行都有强大的数字存在，而像 <strong>SoFi Technologies</strong> 和 <strong>Chyme</strong> 这样的颠覆者正在获得动力。<strong>Nu Holdings</strong> 最近获得了美国银行特许经营，并且也使用人工智能算法来识别良好的信用。SoFi 与 Upstart 的竞争对手 <strong>Pagaya Technologies</strong> 建立了合作关系，因此 Upstart 的银行看起来不再像一项开创性的举措，而更像是扩展其业务和降低融资成本的一种方式。</p>
</div><p>That could still be beneficial, but there could be other complications with revamping its business into something else entirely. Besides the competition and figuring out a way to stand out, it would have to deal with rigorous government regulations.</p>
<div class="lb-trans"><p>这仍然可能是有益的，但将其业务彻底改造为其他东西可能会带来其他复杂性。除了竞争和找出脱颖而出的方法外，它还必须应对严格的政府监管。</p>
</div><p>Upstart stock is down 33% this year, but it's not necessarily time to buy on the dip.</p>
<div class="lb-trans"><p>Upstart 股票今年下跌了 33%，但现在并不一定是买入的时机。</p>
</div><h2>Should you buy stock in Upstart right now?</h2>
<div class="lb-trans"><h2>你现在应该购买 Upstart 的股票吗？</h2>
</div><p>Before you buy stock in Upstart, consider this:</p>
<div class="lb-trans"><p>在你购买 Upstart 的股票之前，请考虑以下几点：</p>
</div><p>The <em>Motley Fool Stock Advisor</em> analyst team just identified what they believe are the <strong>10 best stocks</strong> for investors to buy now… and Upstart wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.</p>
<div class="lb-trans"><p><em>Motley Fool Stock Advisor</em> 分析师团队刚刚确定了他们认为的 <strong>10 只最佳股票</strong>，供投资者现在购买……而 Upstart 并不在其中。入选的 10 只股票在未来几年可能会产生巨大的回报。</p>
</div><p>Consider when <strong>Netflix</strong> made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, <strong>you’d have $483,476</strong>!* Or when <strong>Nvidia</strong> made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, <strong>you’d have $1,362,941</strong>!*</p>
<div class="lb-trans"><p>考虑一下 <strong>Netflix</strong> 在 2004 年 12 月 17 日进入这个名单时……如果你在我们推荐时投资了 1000 美元，<strong>你将拥有 483,476 美元</strong>！* 或者 <strong>Nvidia</strong> 在 2005 年 4 月 15 日进入这个名单时……如果你在我们推荐时投资了 1000 美元，<strong>你将拥有 1,362,941 美元</strong>！*</p>
</div><p>Now, it’s worth noting <em>Stock Advisor’s</em> total average return is 998% — a market-crushing outperformance compared to 207% for the S&amp;P 500. <strong>Don't miss the latest top 10 list, available with <em>Stock Advisor</em>, and join an investing community built by individual investors for individual investors.</strong></p>
<div class="lb-trans"><p>现在，值得注意的是 <em>Stock Advisor</em> 的总平均回报率为 998%——与标准普尔 500 的 207% 相比，表现优异。<strong>不要错过最新的前 10 名单，加入由个人投资者为个人投资者建立的投资社区，获取 <em>Stock Advisor</em>。</strong></p>
</div><p><strong>See the 10 stocks »</strong></p>
<div class="lb-trans"><p><strong>查看 10 只股票 »</strong></p>
</div><p><em>*Stock Advisor returns as of May 19, 2026.</em></p>
<div class="lb-trans"><p><em>*Stock Advisor 回报截至 2026 年 5 月 19 日。</em></p>
</div><p><em>Jennifer Saibil has positions in Nu Holdings and SoFi Technologies. The Motley Fool has positions in and recommends Nu Holdings and Upstart. The Motley Fool recommends Pagaya Technologies. The Motley Fool has a disclosure policy.</em></p>
<div class="lb-trans"><p><em>Jennifer Saibil 持有 Nu Holdings 和 SoFi Technologies 的股份。Motley Fool 持有并推荐 Nu Holdings 和 Upstart。Motley Fool 推荐 Pagaya Technologies。Motley Fool 有披露政策。</em></p>
</div><p>The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.</p>
<div class="lb-trans"><p>此处表达的观点和意见是作者的观点和意见，并不一定反映纳斯达克公司的观点。</p>
</div>

Upstart Just Applied for a National Bank Charter After a Tough Quarter. Could That Change the AI Lending Story?

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Upstart 在经历了艰难的季度后刚刚申请了国家银行执照。这会改变人工智能贷款的故事吗？